[DaisyDuke]

Notice of Default (NOD)
“The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default”.

“Auction (NTS, NFS):
If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.”

“Bank-owned (REO):
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or auction property. Bank foreclosures can become government foreclosures if the loan is backed by a government agency such as the Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA). In that case the government agency would be responsible for selling the property.”

Timeline of Stages:
Pre-Lien – 30 days
Lien – 30 days
Notice of Default – 90 days
Notice of Sale – 21-25 days
Trustee’s Sale – if unsold to REO
__________________________________________________________

If I am understanding my chart and RealtyTrac’s data, the NODs are ever changing as new people go into default and others get their property out of default as SD explains — but the numbers are still really high and keep climbing.

The Auction properties are properties where there is an auction date set and the date/time/location is published for the auction/sale.

The Bank Owned (REO) properties are the properties that actually went to auction and was not purchased by the homeowner or any other buyer/investor.

All of these numbers fluctuate and I can guess why they do, but I’m not an expert in it. I suspect that the NOD numbers change as people go into default and get their property out of default. The Auctions figure is about the same as the NODs. The bank owned fluctuates due to pieces actually being sold at auction or somehow the bank does something to get it off their books ???

Still learning all this myself.

DaisyD

[DaisyDuke]

SD does a good job of explaining it. I will post the definitions RealtyTrac gives so we can hopefully understand it better. My graphs are rudimentary, but still reveals to me the numbers are increasing. IMHO pretty quick too.

I checked this morning and the numbers indeed changed again:

OC
3/18/2007 4215 944 2093 56 1829

LA
3/18/2007 15273 2724 8154 103 7763

SD
3/18/2007 6686 1257 5176 27 1637

[DaisyDuke]

Update to the numbers this morning:

OC
3/17/2007 4182 935 2105 58 1829

LA
3/17/2007 15193 2674 8158 111 7763

SD
3/17/2007 6600 1195 5182 76 1661

There won’t (shouldn’t) be any more new numbers until maybe Monday afternoon. Sometimes I am surprised though that the numbers do change on Sunday. Maybe they are working lots of OT . . . at least someone is keeping their job in this market.

[DaisyDuke]

RealtyTrac is almost like watching the stock market. L.A. O.C. and S.D. numbers increased just this afternoon.

Columns are: NODs; Auctions; REO; FSBO & Resale

OC
3/16/2007 4138 912 2188 58 1812

LA
3/16/2007 15190 2650 8174 111 7733

SD
3/16/2007 6554 1210 5150 76 1634

[DaisyDuke]

First, this country is resilient. We will rebound from this and will have learned a great deal from it, until the next bubble pops up.

Remind your students of the other bubble, the baby bubble (aka baby boomers) who are ready to leave the market/earth in droves. That will open up numerous job opportunities as posted above. Tell them to focus their career on healthcare or funeral arrangements or adult diapers or . . . well I better shut up. You get the idea.

Just because this episode of the great American Dream is coming to a close doesn’t mean other doors won’t open to them and the best thing about the good old US of A is that we can explore and exploit the possibilities. Tell them to keep and chin up and think of this as a good thing.

[DaisyDuke]

Today, right now, this is the data:

NODs – 5977
Auctions – 1180
REOs – 5147
FSBO – 76
Resale – 1557

I’ll keep track . . .

[DaisyDuke]

Here you Go. It’s a bit compressed, sorry. I will figure out a better way to send the data. I will start tracking San Diego . . .

COLUMNS ARE: DATE,NODs, AUCTIONS, REOs, FSBO, RESALE (w/agent)

DATE NODs Auction REO FSBO Resale
OC
1/29/2007 2826 658 1588 48 1476
1/30/2007 2818 646 1595 45 1551
1/31/2007 2804 674 1620 42 1533
2/1/2007 2783 697 1624 43 1557
2/2/2007 2949 703 1614 43 1572
2/7/2007 2825 726 1693 43 1536
2/8/2007 2803 700 1729 50 1553
2/9/2007 2789 683 1751 50 1547
2/10/2007 2779 677 1765 50 1547
2/12/2007 2750 719 1752 45 1547
2/13/2007 2751 726 1754 45 1558
2/14/2007 2861 726 1760 45 1572
2/15/2007 2789 736 1790 45 1588
2/16/2007 2880 725 1803 45 1622
2/18/2007 2871 720 1772 45 1639
2/20/2007 2818 760 1797 45 1636
2/21/2007 2830 758 1793 47 1628
2/22/2007 2976 761 1814 48 1633
2/23/2007 2976 758 1802 48 1637
2/24/2007 2830 753 1965 48 1646
2/26/2007 2775 740 1941 47 1646
2/27/2007 2729 747 1926 47 1652
2/28/2007 2721 761 1921 22 1619
3/1/2007 2696 786 1964 22 1594
3/2/2007 2678 774 1982 22 1571
3/3/2007 2645 796 1997 22 1613
3/5/2007 2645 794 1991 22 1614
3/6/2007 2628 819 1994 50 1592
3/7/2007 2809 843 2035 50 1592
3/8/2007 3219 848 2029 50 1585
3/9/2007 3920 850 2016 50 1613
3/11/2007 3906 881 2011 50 1634
3/12/2007 3916 887 2010 50 1634
3/13/2007 3855 874 2069 57 1714
3/14/2007 3877 873 2047 58 1714
3/14/2007 3866 899 2059 58 1714
3/15/2007 3864 897 2050 58 1712
3/16/2007 3743 870 2190 58 1706

DATE / LA
1/29/2007 11179 2469 5543 107 5875
1/30/2007 11079 2497 5637 108 5947
1/31/2007 11256 2438 5916 108 5984
2/1/2007 11188 2401 5969 108 6056
2/2/2007 11235 2420 5971 108 6235
2/7/2007 11463 2558 5900 108 6080
2/8/2007 11515 2475 6031 120 6138
2/9/2007 11565 2460 6065 120 6180
2/10/2007 11528 2460 6077 120 6208
2/12/2007 11611 2457 6106 102 6208
2/13/2007 11576 2509 6062 102 6152
2/14/2007 11553 2457 6169 102 6173
2/15/2007 11436 2600 6225 102 6219
2/16/2007 11594 2626 6247 102 6209
2/18/2007 11477 2595 6273 102 6203
2/20/2007 11419 2591 6458 102 6241
2/21/2007 11278 2584 6607 98 6178
2/22/2007 11254 2641 6777 98 6202
2/23/2007 10998 2639 6890 98 6225
2/24/2007 10716 2582 7195 98 6278
2/26/2007 10761 2540 7229 99 6278
2/27/2007 10642 2491 7334 99 6304
2/28/2007 10767 2537 7379 28 6339
3/1/2007 10783 2604 7680 29 6384
3/2/2007 10403 2549 7912 29 6384
3/3/2007 10543 2584 7637 28 6465
3/5/2007 10715 2516 7668 28 6467
3/6/2007 10706 2570 7725 99 6264
3/7/2007 10768 2572 7822 99 6275
3/8/2007 11678 2583 7816 99 6320
3/9/2007 13658 2586 7941 99 6444
3/11/2007 13743 2644 7825 99 6822
3/12/2007 13811 2709 7823 99 6822
3/13/2007 13633 2631 8015 111 7441
3/14/2007 13607 2589 8048 111 7441
3/14/2007 13755 2631 8081 111 7443
3/15/2007 13751 2635 8055 111 7421
3/16/2007 13642 2576 8183 111 7404

[DaisyDuke]

United Front . . .

Do you think it would be a good idea to jointly compose an articulate message that bullet points the important facts that we can use? I just want to make sure I don’t miss a good or PERSUASIVE point to the law/policy makers and I could use some help with that. Your thoughts?

[DaisyDuke]

Thanks for this thread. I think it would be very interesting to see how RE Agents/Mortgage Bankers/Brokers are talking right now. Keep em coming if you find em.

[DaisyDuke]

OMG!!!! Is this information accurate? If so, it needs to be sent to the newspapers and requested that they publish it as a rebuttal.

[DaisyDuke]

I also wrote Dodd an email, actually two of them. Guess I better start writing other folks as well in California and elsewhere.

Thank goodness for this site — I have some intelligent words/concepts to use to help me get that point succinctly across!

[DaisyDuke]

Don’t leave the party! It’s not over. Wonder what bubble will develope out of this bubble? A foreclosure purchasing bubble ??

I casually ask people I know so, what have you heard in the news about the housing market and they say they have heard NOTHING. Nice to know the media has now found it newsworthy.

I am really happy that people won’t think I need psychological counseling for selling my great home any longer. They were looking at me like I was nuts! Okay, maybe I am nuts and I need psychological counseling, but not due to selling my house.

Vindication is sweeeeeeet.

[DaisyDuke]

I am going to die . . .

I just read that Dodd is trying to bail out all of those people who made this stupid mistake and all the greedy people behind them WITH OUR TAX DOLLARS !!!

http://www.globaleconomicanalysis.blogspot.com/

Is this where we write our congressman now !!

[DaisyDuke]

Dear NewOwner,

The subprime lenders are now just (1) regrouping to prepare for big losses and are no longer writing subprime loans (2) going out of business (3) being monitored by the FDIC, SEC, etc., etc. It takes a bit of time to stop a runaway train. But it will happen, it will stop.

I just sold my home in January (and thankfully for this site – thank you Lord) decided to rent. Quite frankly I’m loving it. No resonsibilities! Anyway, I do plan to buy again, but not just yet. But my home was purchased by someone who got 100% financing. The buyer just barely squeeked by. It was really touch-n-go as the lender put on some credit conditions on the day the escrow was to close. Finally the lender just let the loan fund. It was really close. Go figure why some Lenders are still giving their money away like that to people who are likely to default. That pot will indeed dry up entirely.

If you have the home you love, enjoy. Plant a garden, paint the rooms the colors that make you happy! Personalize it to you. That’s one of the best things about owning as opposed to renting. I actually miss trips to Home Depot. Go figure.

[DaisyDuke]

Yeah, if you are a drug dealer, prostitute or looking for some place to put up your cardboard box and park your shopping cart.

[Author]

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